In other words, the PSD2 supports innovation and competition in retail payments and enhances the security of payment transactions and the protection of consumer data. PSD2 contains 117 Articles and covers a number of payment services. In case of an unauthorised payment transaction initiated through a payment initiation service provider, the account-servicing payment service provider must refund the payment service user. Read about the ECB’s monetary policy instruments and see the latest data on its open market operations. The revised Payment Services Directive (PSD2) updates and enhances the EU rules put in place by the initial PSD adopted in 2007. the card or an authentication code generating device) and (iii) inherence (something the user is, e.g. a password or a PIN); (ii) possession (something only the user possesses, e.g. Discover euro banknotes and their security features and find out more about the euro. Payment service providers are required to ensure strong customer authentication for the initiation and processing of electronic payments. In particular, the PSD2 covers the following three types of services: 1. payment initiation services, which help consumers make online payments and inform the merchant immediately of the payment initiation, allowing for the immediate dispatch of goods or immediate acce… To do this, we use the anonymous data provided by cookies. Thus, there is a transition period during which payment service providers can already provide their services under the PSD2, but are not yet legally required to implement the respective security measures. PSD2 has preserved the structure of directive 2007/64 (PSD or PSD1) in terms of the split into sections (Titles) and subdivision into consistent content areas: subject matter, scope and definitions (Title I), payment service providers and specifically the regulation of payment Customer authentication is considered to be strong if it is based on the use of two or more of the following elements: (i) knowledge (something only the user knows, e.g. We are always working to improve this website for our users. Browse the ECB’s reports, publications and research papers and filter them by date or activity. Account-servicing payment service providers cannot deny access to the accounts they hold unless the third-party payment service provider is unauthorised or if there is a suspicion of fraud. Find out how the ECB promotes safe and efficient payment and settlement systems, and helps to integrate the infrastructure for European markets. M AX €€€ Who's who in the new PSD2 world? Explicit consent is required from the payer for a transaction to be executed. Nevertheless, in the interest of their own security, all payment service providers are strongly encouraged to fulfil the requirements of the regulatory technical standards as soon as possible. Member States must ensure that account-servicing payment service providers are not blocking or obstructing the use of payment initiation and account information services for the accounts they hold. Get an overview of what the European Central Bank does and how it operates. These elements are independent (the breach of one element does not compromise the reliability of the others) and designed in such a way as to protect the confidentiality of the authentication data. The PSD2 enhances consumer protection. It authorises the relevant authorities to monitor and supervise their activities. The main objectives of the PSD2 are (i) to contribute to a more integrated and efficient European payments market; (ii) to further level the playing field for payment service providers by including new players; (iii) to make payments safer and more secure; and (iv) to enhance protection for European consumers and businesses. The PSD2 sets out strict security requirements for electronic payments and the protection of consumers’ financial data. Discover more about working at the ECB and apply for vacancies. The PSD2 opens up the EU payments market to third-party payment service providers offering services based on access to information from the payment account. The PSD2 sets rules for access to payment accounts for third-party payment service providers. a lost wallet), the payment service user can be held liable for a maximum of €50, provided he/she fulfilled the obligation to notify the payment service provider and did not act in a grossly negligent or fraudulent manner.

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